By Na Jeong-ju
Staff Reporter
President Lee Myung-bak said Thursday that now is the time for the nation to raise the torch high to revive the economy.
In a congratulatory speech at the national convention of the governing Grand National Party in Seoul, the President said the world economy was in trouble and Korea would not be immune from the global economic downturn.
He vowed to become a successful President by overcoming whatever adversities lie ahead. ``We face the double challenge of a worsening economy and the neglect of law and order.''
He also called for national unity to overcome external downside risks, saying the country is seeking to ease regulations and boost incentives for investors to accelerate economic growth.
``It is time to focus on the economy,'' Lee said during the inaugural ceremony for the Korea Regional Investment Fair at the COEX in Seoul Thursday. ``The world economy is experiencing a steep downturn and Korea is no exception. However, it also provides a good opportunity for corporations to invest.''
Lee stressed the need to create a more business-friendly environment.
The government will remove unnecessary rules and boost incentives for corporate investors, he said.
The speech came one day after he cautioned about a third ``oil shock,'' saying rising oil prices and unstable financial markets are hurting the country's growth potential.
``It is impossible to overcome this crisis only by the efforts of the government. All sectors of the country, including politicians, businessmen and labor unions should pool their wisdom,'' Lee said during a meeting with his secretaries Wednesday.
President Lee, elected last December on pledges to achieve higher economic growth and increase national income, has suffered a steep fall in public approval rate amid public protests over his decision to resume U.S. beef imports and worsening economic conditions.
``I know why people chose me. My mission is to revive the economy,'' Lee said.
Since his inauguration in late February, he has announced a series of steps to boost economic recovery, including corporate tax cuts, removal of restrictions on private enterprises and privatization of state-owned companies.
Down the road, however, Lee faces daunting tasks amid rising oil prices and growing inflation.
The Ministry of Strategy of Finance cut its economic growth estimate for 2008 to 4.7 percent Wednesday, a steep fall from the 6 percent target announced only three months ago.
Consumer prices grew at their fastest pace in nearly 10 years in June, rising 5.5 percent from a year ago, as surging crude oil and other imported raw material prices increased costs of goods and services here.
``It is true that a lot of challenges lie ahead us. But nothing is impossible if we unite together,'' Lee said.